SAIA | They just put the brakes on the 401k!!!

It means nothing. I do not know exactly when they fund it, but I do know its not every week. I will guess monthly until someone else comes along that knows the timeframe for sure.
 
Where are you getting you information from?:BS: Before you answere I check my account every week. It would be kind of hard for them to contribute if you do not work here. If you want to verify what he claims simple go to 401k.com log in and click the contributions tab and you can see your contribution being made every week.
 
yes you are right I just checked mine. however the last update was 08/29. that is prob why the confusion. could be that fidelity only updates monthly.
 
the 401k deposits are only being made once a month now. according to HR dept in atl. the company feels that it is better to hold your donations for a month and then make a deposit. Could this be for the money that they make on the interest for a month?
money that our money does NOT make for us. but it is true call and talk to atl they will transfer you to the person that handles all the 401k contributions. they also told me that it was allowed by law.
 
Saia changed it's posting schedule months ago. It seems that the new schedule is every three weeks. It's true about Atl. I think it was last November when I called and the lady at HR said it was lawful for them to collect weekly and post non weekly. This is why my contributions are sent to the Retirement Fund. I don't want to take the chance that Saia will post the contribution on a market uptick day and then have the market have a huge selloff the next day.
 
Dracula;514505. said:
This is why my contributions are sent to the Retirement Fund. I don't want to take the chance that Saia will post the contribution on a market uptick day and then have the market have a huge selloff the next day.
What is the Retirement Fund? Is there an option option other than the 401-k?
 
look what happened to some of the others thats how it starts then next thing you know they stop contributing all together look out those that get free insurance after 10 yrs will more than likely be next the economy sucks for us all good luck drivers
 
Brother trucker, My contributions go into the FIDELITY RETIRE MMKT fund. You don't lose any principal and make a little interest. You can move in and out of this account without restriction.
 
I did nit go and look at the old thread, but I do remember someone saying the same thing a few months ago. It is not true! The company is contributing money to my account every week. Sounds to me like someone is trying to make people think Saia is not financially healthy right after the company posted q4 results! Saia is doing very well considering the economic conditions and beat all annalists expectations.
 
I was told this morning that the match had been temporarily suspended effective yesterday. I was shown the e-mail. This is a choice that a lot of companies are being forced to make. Don't read a lot into it.
 
It is tempoary. Got the info from my TM. He has a letter from Rick O'.
I've not seen it yet. It's posted nowhere I've found.
 
February 2, 2009
Economic weakness continues to negatively impact our shipment count and tonnage. Because this trend is an industry wide event, it creates an increasingly competitive pricing environment. This combination of reduced tonnage and more aggressive pricing to maintain our market share is causing significant pressure on industry profits.
Based on these market conditions and the uncertainty we face, there are difficult decisions that need to be made to ensure Saia is able to maintain a strong financial position for the future.
With that in mind, effective February 1, 2009, Saia will temporarily suspend matching contributions to our 401k plan for all employees. When our volumes and financial performance improve, the 401k match will be re-instated. This will not affect the contributions you make directly and Saia will continue to pay all administrative fees with Fidelity for the continued management of your accounts.
I regret having to make this announcement, but as I am sure you are aware, it is^ something that many other company's are doing to weather the current economic and financial crisis.
During these difficult times, I am personally asking each Saia employee to focus your effort and energy to provide our customers best-in-class service. This is a time for us to grow our business by outperforming the competition. Each of us can make a difference. The more market share we can gain the sooner we will return to positive growth and the re-instatement of this company benefit.
Thank you for your continued support, dedication and commitment to Saia. I know how important it is to provide for ourselves and our families. No one takes that more seriously than I do. Again, I view this as a temporary measure and look forward to re¬instating our 401k match as soon as possible.
 
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